Document No. 95, Seventy-fifth Congress, first session (138 pages); and Summary Report on Conditions with Respect to the Sale and Distribution of Milk and Dairy Products, dated January 4, 1937, and printed as House Document No. 94, Seventy-fifth Congress, first session.

Motor Vehicles.-Pursuant to Public Resolution No. 87, Seventy-fifth Congress, third session, approved April 13, 1938, the Commission undertook an investigation of "the policies employed by manufacturers in distributing motor vehicles, accessories and parts, and the policies of dealers in selling motor vehicles at retail, as these policies affect the public interest." The resolution also called for investigation of alleged monopolistic practices. (See p. 30.)

National Wealth and Income. This inquiry was made pursuant to Senate Resolution No. 451, Sixty-Seventh Congress, fourth session, adopted February 28, 1923, calling for a comprehensive inquiry into national wealth and income and specially indicating for investigation the problem of tax exemption and the increase in Federal and State taxes (for reference to which see Taxation and Tax Exempt income). In the report devoted to national wealth and income, the national wealth was estimated to have been $353,000,000,000 in 1922 and the national income to have been $70,000,000,000 in 1923. The nature of the wealth and income and its distribution among various classes were also given. The report on National Wealth and Income was transmitted to the Senate May 25, 1926, and printed as Senate Document No. 126, Sixty-ninth Congress, first session (381 pages).

Open Price Associations.—This inquiry was made pursuant to Senate Resolution No. 28, Sixty-ninth Congress, special session, adopted March 17, 1925, calling for an investigation to ascertain the number and names of so-called openprice associations, their importance in the industry, and the nature of their activities, with particular regard to the extent to which uniform prices were maintained among members to wholesalers and retailers. A report, entitled Open Price Trade Associations, was transmitted to the Senate February 13, 1929, and printed as Senate Document 226, Seventieth Congress, second session (516 pages). (See also Lumber Trade Associations.)

Packer Consent Decree.-Pursuant to Senate Resolution No. 278, Sixty-eighth Congress, second session, adopted December 8, 1924, a report was made reviewing the legal history of the consent decree and the efforts made to modify or vacate it. A summary was given of the divergent economic interests involved in the question of packer participation in unrelated lines. The report, entitled Packer Consent Decree, recommended the enforcement of the decree against the Big Five packing companies. It was transmitted to the Senate February 20, 1925, and printed as Senate Document No. 219, Sixty-eighth Congress, second session (44 pages, out of print). (See also Food InvestigationMeat Packing and Meat-Packing Profit Limitations.)

Paper-Book-This inquiry, made pursuant to Senate Resolution No. 269, Sixty-fourth Congress, first session, adopted September 7, 1916, was begun that year, shortly following the newsprint inquiry. (See below.) It had a similar origin and it disclosed similar restraints of trade, resulting in proceedings by the Commission against the manufacturers involved therein to prevent enhancement of prices. The Commission also recommended legislative action to repress restraints of trade by certain associations. Reports were transmitted to the Senate June 13, 1917, and August 21, 1917, entitled, respectively, Book Paper Industry.-A Preliminary Report (11 pages), Senate Document No. 45, Sixty-fifth Congress, first session (out of print), and Book Paper Industry—▲ Final Report (125 pages), Senate Document No. 79, Sixty-fifth Congress, first session.

Paper-Newsprint. This inquiry, made pursuant to Senate Resolution No. 177, Sixty-fourth Congress, first session, adopted April 24, 1916, resulted from a sharp advance in prices of newsprint. The reports of the Commission showed that these high prices had been partly the result of certain newsprint association activities which were in restraint of trade. Through the aid of the Commission, distribution of a considerable quantity of paper to needy publishers was obtained at comparatively reasonable prices. The Department of Justice instituted proceedings in consequence of which the association was abolished and certain newsprint manufacturers indicted. A letter to the Senate from the Commission entitled Newsprint Paper Industry, transmitted March 3, 1917, was printed as Senate Document No. 3, Sixty-fifth Congress, special session. The report, entitled Report of the Federal Trade Commission on the Newsprint Paper Industry (162 pages), was transmitted to the Senate June 101741-38-13

13, 1917, and printed. Following this inquiry the Commission established a system of monthly reporting of current figures dealing with production, stocks, sales, and the like, which was continued for several years. On July 10, 1917, an additional brief report was submitted to the Senate pursuant to Senate Resolution No. 95, Sixty-fifth Congress, first session, entitled Newsprint Paper Investigation, which was printed as Senate Document No. 61, Sixty-fifth Congress, first session (8 pages, out of print).

Paper-Newsprint.-An inquiry was made pursuant to Senate Resolution No. 337, Seventieh Congress, second session, adopted February 27, 1929. The question was whether there existed an alleged monopoly among manufacturers and distributors of newsprint paper in the supplying of paper to publishers of small daily and weekly newspapers. A report, Newsprint Paper Industry, was transmitted to the Senate July 3, 1930, and printed as Senate Document No. 214, Seventy-first Congress, special session (116 pages).

Paper-Newsprint. This inquiry was undertaken in response to the AttorneyGeneral's request of January 24, 1938, that the Commission investigate the manner in which certain newsprint manufacturers have complied with a consent decree entered against them on November 26, 1917, by the United States District Court for the Southern District of New York. (See p. 31.)

Peanut Prices. This inquiry was made pursuant to Senate Resolution No. 193, Seventy-first Congress, first session, adopted October 22, 1929. The Commission sought data concerning an alleged combination of peanut crushers and mills for price-fixing purposes in violation of the antitrust laws, as well as information with respect to an alleged arbitrary decrease in prices. The report, entitled Prices and Competition Among Peanut Mills, was transmitted to the Senate June 30, 1932, and printed as Senate Document No. 132, Seventy-second Congress, first session (78 pages).

Petroleum Decree Investigation.-Pursuant to duty imposed upon and the power granted to it under Section 6 (c) of the Federal Trade Commission Act, and at the request of the Attorney General made April 16, 1936, the Commission conducted an investigation to determine the manner in which a consent decree entered September 15, 1930, in the case of the United States against the Standard Oil Company of California, Inc., and others, had been or was being observed. The decree in question perpetually enjoined and restrained seven major oil companies, twelve independent oil companies, and one individual, operating primarily on the Pacific Coast, from conspiring to monopolize and restrain interstate trade and commerce in the manufacture, transportation, or sale of gasoline in violation of the Sherman Antiturst Act. The Commission transmitted its report to the Attorney-General on April 2, 1937. Gasoline and three subsequent paragraphs.)

(See Petroleum-Foreign Ownership. This inquiry was made pursuant to Senate Resolution No. 311, Sixty-seventh Congress, second session, adopted June 29, 1922. The acquisition of extensive oil interests in this country by the DutchShell concern, and alleged discrimination practiced against Americans in foreign countries, caused this inquiry which developed the situation in a manner to promote greater reciprocity on the part of foreign governments. The report, entitled Report of the Federal Trade Commission on Foreign Ownership in the Petroleum Industry (152 pages), was transmitted to the Senate February 12, 1923.

Petroleum Industry. This inquiry was made pursuant to Senate Resolution No. 31, Sixty-ninth Congress, first session, adopted June 3, 1926. A comprehensive study covered all branches of the industry from the ownership of oil lands and the production of crude petroleum to the conversion of petroleum into finished products and their distribution to the consumer. The report described not only the influences affecting the movements of gasoline and other products, but also discussed the organization and control of the various important concerns in the industry. No evidence was found of any understanding, agreement, or manipulation among the large oil companies to raise or depress prices of refined products. A report, entitled Petroleum Industry— Prices, Profits, and Competition (360 pages), was transmitted to the Senate December 12, 1927, and printed as Senate Document No. 61, Seventieth Congress, first session.

Petroleum, Pacific Coast.-The great increase in the prices of gasoline, fuel oil, and other petroleum products on the Pacific coast led to this inquiry, made pursuant to Senate Resolution 138. Sixty-sixth Congress, first session, adopted July 31, 1919. It disclosed that several of the companies were fixing prices. Reports entitled Pacific Coast Petroleum Industry: Part I. Production, Owner

ship and Profits (276 pages) and Part II. Prices and Competitive Conditions (262 pages), were transmitted to the Senate April 7, 1921, and November 26, 1921, respectively, each with a summary.

Petroleum-Panhandle. This inquiry into conditions in the Panhandle (Texas) oil fields was made on a motion of the Commission of October 6, 1926, and in response to requests of crude-petroleum producers. The reduction of prices late in 1926 as complained of was largely a result of difficulties of handling and expenses of marketing this oil because of peculiar physical properties, according to the report, which was entitled Report of the Federal Trade Commission on Panhandle Crude Petroleum (19 pages), issued as of February 3, 1928.

Petroleum-Pipe Lines. This inquiry, made pursuant to Senate Resolution No. 109, Sixty-third Congress, first session, adopted June 18, 1913, was begun by the former Bureau of Corporations. The report, entitled Report on Pipe-Line Transportation of Petroleum (467 pages, out of print), which was transmitted to the Senate February 28, 1916, showed the dominating importance of the pipe lines of the great midcontinent oil fields. It also pointed out that the pipe-line companies, which were controlled by a few large oil companies, not only charged excessively high rates for transporting petroleum, but also evaded their duties as common carriers by insisting on unreasonably large shipments, to the detriment of the numerous small producers.

Petroleum Prices—1920.—Pursuant to House Resolution No. 501, Sixty-sixth Congress, second session, adopted April 5, 1920, a brief inquiry was made into the high prices of petroleum products. The report pointed out that the Standard companies practically made the prices in their several marketing territories and avoided competition among themselves. Various constructive proposals to conserve the oil supply were made by the Commission. The report, entitled Advance in the Prices of Petroleum Products (57 pages), was transmitted to the House June 1, 1920, and printed as House Document No. 801, Sixty-sixth Congress, second session.

Petroleum-Wyoming. This inquiry was made on motion of the Commission. Complaints of several important producing companies in the Salt Creek oil field led to the investigation. The report, entitled Report of the Federal Trade Commission on the Petroleum Industry of Wyoming (54 pages, out of print), which was issued January 3, 1921, covered the production, pipe-line transportation, refining, and wholesale marketing of crude petroleum and petroleum products in the State of Wyoming.

Petroleum-Wyoming and Montana.-This inquiry, made on motion of the Commission, resulted in a special report directing the attention of Congress to conditions existing in the petroleum trade in Wyoming and Montana. Remedial legislation was recommended by the Commission. The report, entitled Petroleum Trade in Wyoming and Montana (4 pages), was dated July 13, 1922, and printed. Power and Gas Utilities.-See Electric Power, Interstate Power Transmission, and Utility Corporations.

Price Bases. This inquiry was made on motion of the Commission of July 27, 1927, for the purposes of studying methods in use to compute delivered prices on industrial products and of determining what actual and potential influences such methods might have on competitive markets and price levels. The study also included factors which determined the methods used. This survey extended to more than 3,500 reporting manufacturers representing practically every industrial segment. Inquiry into conditions in the cement industry revealed that the basing-point system contributed to imperfect price competition and tended to establish an unhealthy uniformity of delivered prices from the competitive standpoint together with a lack of price flexibility over variable periods of time. Cross-haul or cross-freighting was found to be one of the cement industry's economic evils and to be generally admitted as such by the industry itself. The first report, Report of the Federal Trade Commission on Price Bases Inquiry, Basing-point Formula and Cement Prices (218 pages), was submitted to Congress on March 26, 1932, and printed. A mimeographed report, entitled, Study of Zone-Price Formula in Range Boiler Industry, was issued March 30, 1936. (See Steel Code Inquiry, Steel Code as Amended, and Cement Industry.)

Price Deflation. To an inquiry of President Harding dated March 21, 1921, the Commission made immediate reply (undated) giving its views of the causes of the disproportional decline of agricultural prices compared with consumers' prices. This was entitled Letter of the Federal Trade Commission to the President of the United States (8 pages, out of print).

Profiteering. This report was made in response to Senate Resolution No. 255, Sixty-fifth Congress, second session, adopted June 10, 1918, on the then current conditions of profiteering as disclosed by various inquiries of the Commission, and transmitted to the Senate on June 29, 1918. It was printed under the title of Profiteering as Senate Document No. 248, Sixty-fifth Congress, second session (20 pages, out of print).

Radio. This inquiry was made pursuant to House Resolution No. 548, Sixtyseventh Congress, fourth session, adopted March 4, 1923. As a result of this investigation, it was found that a large number of patents were owned by and cross-licensed among a number of large companies. At the conclusion of the investigation, the Commission instituted proceedings against these companies charging a monopoly of the radio field. A report entitled Report of the Federal Trade Commission on the Radio Industry (347 pages), was transmitted to the House, December 1, 1923, and printed.

Raisin Combination.—Allegations of a combination among raisin growers in California were referred to the Commission for examination by the Attorney General as of September 30, 1919, pursuant to the Federal Trade Commission Act. The Commission found that the enterprise was not only organized in restraint of trade but was being conducted in a manner that was threatening financial disaster to the growers. The Commission recommended changes to conform to the law. These were adopted by the raisin growers. A report in the form of a letter, entitled California Associated Raisin Co., was made to the Attorney General June 8, 1920 (28 pages, mimeographed, out of print).

Resale Price Maintenance. This report was made on motion of the Commission. The question whether a manufacturer of standard articles, identified by trade mark or trade practice, should be permitted to fix by contract the price at which the purchasers could resell them, led to this inquiry. The Commission recommended to Congress the enactment of legislation permitting resale-price maintenance under certain conditions. The report, dated December 2, 1918, was in the form of a letter to Congress, printed as House Document No. 1480, Sixtyfifth Congress, third session (3 pages, out of print).

Resale Price Maintenance.-A report was made on motion of the Commission in the form of a letter addressed to Congress, June 30, 1919, and was printed as House Document No. 145, Sixty-sixth Congress, first session (3 pages, out of print).

Resale Price Maintenance.-This inquiry was made on motion of the Commission of July 25, 1927. The study was conducted from the point of view of the economic advantages or disadvantages of resale price maintenance to the manufacturer, distributor, and consumer, the effects on costs, profits, and prices, and the purpose and results of price cutting. Part I of the report, Resale Price Maintenance, was transmitted to Congress January 30, 1929, and printed as House Document No. 546, Seventieth Congress, second session (141 pages, out of print); Part II (final, 215 pages) was transmitted on June 22, 1931, and printed.

Salaries Inquiry. This inquiry was made pursuant to Senate Resolution No.. 75, Seventy-third Congress, first session, adopted May 29, 1933, which directed that an inquiry be made by the Commission concerning the salaries of executive officers and directors of corporations engaged in interstate commerce (other than public utilities corporations) having capital and assets of more than a million dollars, whose securities were listed on the New York Stock Exchange or the New York Curb Exchange. The investigation was confined to the 5-year period 1928–32, and was necessarily limited to a comparatively small proportion of corporations coming within the Commission's jurisdiction. A statement explaining the report,. but not containing the lists of salaries, and entitled Report of the Federal Trade Commission on Compensation of Officers and Directors of Certain Corporations, was issued in mimeographed form (15 pages). It was transmitted to Congress, February 26, 1934, together with copies of the lists of officers and salaries (a public record).

Sisal Hemp.-This inquiry was made pursuant to Senate Resolution No. 170, Sixty-fourth Congress, first session, adopted April 17, 1916, calling on the Commission to assist the Senate Committee on Agriculture and Forestry by advising how certain quantities of hemp, promised by the Mexican Sisal Trust, might be fairly distributed among American manufacturers of binder twine. The Commission made an inquiry and submitted a plan of distribution, which was followed. The report entitled Mexican Sisal Hemp, was transmitted to the Senate May 9. 1916, and printed as Senate Document No. 440, Sixty-fourth Congress, first session (8 pages, out of print).

Southern Livestock Prices.—This inquiry was made pursuant to Senate Resolution No. 133, Sixty-sixth Congress, first session, adopted July 25, 1919. The low prices of southern livestock, which gave rise to the belief that discrimination was being practiced, were investigated, but the alleged discrimination did not appear to exist. The report, entitled Southern Livestock Prices, was transmitted to the Senate February 2, 1920, and printed as Senate Document No. 209, Sixtysixth Congress, second session (11 pages).

Steel Code Inquiry.—This inquiry was made pursuant to Senate Resolution No. 166, Seventy-third Congress, second session, adopted February 2, 1934. The resolution directed the Commission to investigate and report upon certain practices of the steel industry with particular reference to price fixing, the increased prices of steel products, and "other such matters as would give a full presentation of the facts touching the industry since it went under the National Recovery Administration code." The inquiry centered largely upon alleged collusive activities of steel producers in fixing identical delivered prices and eliminating competition under the code, the effects of the multiple basing-point system incorporated in the code, composition of the delivered selling prices which the code imposed, the influence of various code restrictions on competition, and a general analysis of price increases attributable to the organized efforts of the industry. The Commission found that adherence to the code required violation by certain producers of a cease and desist order issued some years before by the Commission against the basing-point system in what is known as the “Pittsburgh Plus" case. The report, entitled Practices of the Steel Industry Under the Code, was transmitted to the Senate on March 19, 1934, and printed as Senate Document No. 159, Seventy-third Congress, second session (79 pages). Certain modifications of the steel code were approved by the President on May 30, 1934.

Steel Code as Amended.-This inquiry was made pursuant to Executive order of President Roosevelt dated May 30, 1934. This order directed the Commission and the National Récovery Administration to undertake a joint study of the effect of the multiple basing-point system under the amended steel code, particularly within the realm of the system's influence on prices to consumers, effects of the system in either permitting or encouraging price fixing, or "providing unfair competitive advantages for producers, or disadvantages for consumers not based on natural causes." The order called for "recommendations for revisions of the code." The Report of the Federal Trade Commission to the President in Response to Executive Order of May 30, 1934, with Respect to the Basing Point System in the Steel Industry (125 pages), was transmitted to the President on November 30, 1934, and printed. It recommended code revisions eliminating provisions giving sanction to the multiple basing-point system, provisions in aid of price fixing and those relating to regulation of production and new capacity. It found that the multiple basing-point system not only permitted and encouraged price fixing but that it was price fixing. It found also that the system did provide unfair competitive advantages for producers and disadvantages for consumers not based on natural causes.

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On March 15, 1935, there was issued in mimeographed form the Summary of Report of the Federal Trade Commission to the President In re: Iron and Steel Industry's Basing Point System (9 pages, out of print). On the same day the National Recovery Administration issued its Summary of the Report of the National Industrial Recovery Board to the President on the Operation of the Basing Point System in the Iron and Steel Industry (7 pages, mimeographed, not obtainable from the Federal Trade Commission).

Steel Companies, Proposed Merger.--Pursuant to Senate Resolution No. 286, Sixty-seventh Congress, second session, adopted May 12, 1922, the Commission was requested to inquire into a proposed merger of steel companies, namely, of the Bethlehem Steel Corporation and the Lackawanna Steel Co., and of the Midvale Steel & Ordnance Co., Republic Iron & Steel Co., and Inland Steel Co. Two reports were made, June 5, 1922, and September 7, 1922, both entitled Merger of Steel and Iron Companies, regarding the purpose and probable effects of the proposed merger, which were printed as Senate Document No. 208. Sixtyseventh Congress, second session, part 1, and as Senate Document No. 208, Sixty-seventh Congress, second session, part 2 (9 pages and 2 pages, respectively, both out of print).

Steel Industry-Costs and Profits.-Inquiry into the costs and profits of the steel industry during the war was made pursuant to the order of President Wilson dated July 25, 1917, and after its conclusion certain data in regard thereto were compiled by the Commission in a report entitled Report of the Federal Trade Commission on War-Time Profits and Costs of the Steel Industry (138